Sept. 30 (BusinessWire) – Fisher & Paykel Appliances Holdings Ltd., New Zealand’s only listed whiteware manufacturer, won agreement from its banks to modify the terms of its banking facilities after earnings missed targets.

The banking syndicate waived a budget performance covenant test set for Sept. 30, with a revised forecast and test accepted for the end of the year as well as by 31 March 2010, the company said in a statement.

Depressed U.S. trading conditions and intense Australasian competition mean the company is likely to report a loss of $2 million to $5 million this year, compared with a prospectus forecast of an $11.7 million profit. The company’s shares were unchanged at 69 cents on the NZX 50 today and have declined 42% in the past 12 months.

The shares are trading below the 80 cents apiece the China’s Haier Group paid for most of its 58 million shares, giving it a 20% cornerstone stake.

As previously announced, of $53 million from sale of part of its East Tamaki site, $34 million will be used to complete the full repayment of its $235 million amortising debt facility next month.

The balance of the proceeds will be used to reduce the company’s debt facility, which will shrink by $40 million to below $200 million by March 31 as inventory reductions continue and cash flow improves.